AS Economics - Types of goods

____ are commodities that the public sector provides free or cheaply because the government wishes to encourage their consumption.

• Tangible goods

• Private goods

• Demerit goods

• Merit goods

Where it is possible to stop someone from consuming a good or service

• Non rival

• Public

• Rivalry

• Excludability

Where consumption by one person of a good or service reduces the availability of the good or service for others

• Excludability

• Rivalry

• Quasi

• Free goods

A good that is purchased and used by one party and is not available to others

• Quasi public goods

• Public goods

• Private goods

• Free goods

Goods that are not scarce and have zero opportunity cost

• Complementary goods

• Free goods

• Free rider

• Merit good

A good that is non excludable and non rival

• Merit goods

• Quasi public good

• Private goods

• Public goods

Situation where it is not possible to stop anyone else from using a good

• Non excludable

• Non rival

• Excludable

• Rival

A good that has some but not the full characteristics of a public good

• Private goods

• Quasi public good

• Merit good

• Demerit good

Someone who does not pay to use a public good

• Free benefactor

• Market failure

• Consumer

• Free rider

Good that is thought to be desirable for consumers but which is underprovided by the market because of information failure

• Merit good

• Demerit good

• Private good

• Non rival good